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May 4, 2014
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i think they grossly over learned the lesson from arthur andersen. subsequently, they were investigating tax fraudsters at andher counting firm, kpmg, try to pressure kpmg to stop paying the attorneys fees for the employees under investigation. they tried to make the company waive its corporate privilege so attorney would waive lien privilege, which is something that corporations had ahind often, and a judge in scathing ruling said that the prosecutors had violated the constitution, violated the constitutional rights of these defendants, and that also led to this rolling back of these prosecutorial powers and techniques, which has led them to really be rendered unable to to investigate people at the higher echelon of corporate america. host: this is peter on our republican line. caller: mr. eisinger, no comment, this was a failure of government basically. i would like to give context to the situation. in the late 1970's during the carter administration, they develop the community reinvestment act, which made fannie and freddie about three percent of
i think they grossly over learned the lesson from arthur andersen. subsequently, they were investigating tax fraudsters at andher counting firm, kpmg, try to pressure kpmg to stop paying the attorneys fees for the employees under investigation. they tried to make the company waive its corporate privilege so attorney would waive lien privilege, which is something that corporations had ahind often, and a judge in scathing ruling said that the prosecutors had violated the constitution, violated...
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May 3, 2014
05/14
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is that the same as arthur andersen or the lehman brothers? guest: i'm sorry to hear about your case. i'm not familiar with it. government wildly failed homeowners who were deeply underwater in their homes and were foreclosed on. this was a policy disaster from the obama administration were they implemented program after program after program that was wildly inadequate. they refused to fix it -- did not address it to fix it quickly enough. there was a big concern that fixing that and helping homeowners would hurt the banks. i think this is a scandal, a tragedy for the country. individual homeowners were deeply harmed by it. host: jesse eisinger's piece in the new york times. it is called only why -- why only one top banker went to jail for the financial crisis. thanks for your time. guest: thank you for having me. jim oberstar died this morning at his home in potomac, maryland at the age of 79. termsngressmen served 18 in the house and became chairman of the transportation committee in 2007. he was defeated in a reelection bid in 2010, and aft
is that the same as arthur andersen or the lehman brothers? guest: i'm sorry to hear about your case. i'm not familiar with it. government wildly failed homeowners who were deeply underwater in their homes and were foreclosed on. this was a policy disaster from the obama administration were they implemented program after program after program that was wildly inadequate. they refused to fix it -- did not address it to fix it quickly enough. there was a big concern that fixing that and helping...
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May 4, 2014
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i think they grossly over learned the lesson from arthur andersen. subsequently, they were investigating tax fraudsters at andher counting firm, kpmg, try to pressure kpmg to stop paying the attorneys fees for the employees under investigation. they tried to make the company waive its
i think they grossly over learned the lesson from arthur andersen. subsequently, they were investigating tax fraudsters at andher counting firm, kpmg, try to pressure kpmg to stop paying the attorneys fees for the employees under investigation. they tried to make the company waive its
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May 3, 2014
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i think they grossly over learned the lesson from arthur andersen. subsequently, they were investigating tax fraudsters at andher counting firm, kpmg, try to pressure kpmg to stop paying the attorneys fees for the employees under investigation. they tried to make the company waive its corporate privilege so attorney would waive lien privilege, which is something that corporations had ahind often, and a judge in scathing ruling said that the prosecutors had violated the constitution, violated the constitutional rights of these defendants, and that also led to this rolling back of these prosecutorial powers and techniques, which has led them to really be rendered unable to to investigate people at the higher echelon of corporate america. host: this is peter on our republican line. caller: mr. eisinger, no comment, this was a failure of government basically. i would like to give context to the situation. in the late 1970's during the carter administration, they develop the community reinvestment act, which made fannie and freddie about three percent of
i think they grossly over learned the lesson from arthur andersen. subsequently, they were investigating tax fraudsters at andher counting firm, kpmg, try to pressure kpmg to stop paying the attorneys fees for the employees under investigation. they tried to make the company waive its corporate privilege so attorney would waive lien privilege, which is something that corporations had ahind often, and a judge in scathing ruling said that the prosecutors had violated the constitution, violated...
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May 1, 2014
05/14
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have seen arthur andersen and that should be a lesson here. >> and enron. that?e you involved with >> with arthur andersen? many years ago. before they split. >> remind me, brad. case and theal clients pulled away. once they pulled away, there was nothing. if you think of a commercial bank and a foreign bank that dollars, u.s. they have plenty of euro funding. essentially, you could end up with -- >> this is key here. slow down and describe what you just said. what do you mean by dollar funding? york.re in new what do you mean by dollar funding? the balanceok at sheets, you will find that a very large portion of their asset base is dollar-denominated. they have euro deposits, but they are relying on wholesale funding for a portion of that balance sheet. the assets they have. they need confidence in the marketplace in order to go out there and borrow. corporate treasurer's are simply not paced to take risk. if we see any signs -- the market is looking at this and saying, this is drama on the part of the justice department. -- i had aon this partner at sure when st
have seen arthur andersen and that should be a lesson here. >> and enron. that?e you involved with >> with arthur andersen? many years ago. before they split. >> remind me, brad. case and theal clients pulled away. once they pulled away, there was nothing. if you think of a commercial bank and a foreign bank that dollars, u.s. they have plenty of euro funding. essentially, you could end up with -- >> this is key here. slow down and describe what you just said. what do...
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May 5, 2014
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andersen-esque fallout this so there is not a collapse with the like yoe 2000's. i think what the top officials feel like right now is that there is some type of path forward to get this done. to justiceording department officials, they feel it helps from eight future policy perspective as they look at other banks. >> all right, i want to thank you for joining us, phil mattingly from washington, d.c., and my thanks to bloomberg news and bloomberg view. all right, coming up on "taking tock," we will introduce you a premium food delivery service which has the backing of the winklevoss twins of facebook fame, and it is mystery guest monday, and my guest was fans with -- friends with picasso. ♪ onthis is "taking stock" bloomberg. i am pimm fox. brothers, eight concept between the start up caviar is simple. top restaurants like the new york blue ribbons sushi, and pacific catch. and joining us is the cofounder and chief executive who joins us from san francisco. jason, great to have you with us. the twins, people remember them, of course, from facebook fame, where th
andersen-esque fallout this so there is not a collapse with the like yoe 2000's. i think what the top officials feel like right now is that there is some type of path forward to get this done. to justiceording department officials, they feel it helps from eight future policy perspective as they look at other banks. >> all right, i want to thank you for joining us, phil mattingly from washington, d.c., and my thanks to bloomberg news and bloomberg view. all right, coming up on "taking...
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May 19, 2014
05/14
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we are talking about arthur andersen back in the enron days which basically imploded. the cultivate -- guilty plea, they will wait until after markets closed to file these charges. news conference you'll see the old thought about what regulators were running due to soften the landing for credit suisse. every week deal going on in the justice department right now. >> when to stand the ceo and chairman will not lose their jobs and this is the first time that the parent of any of a major financial institution has admitted to a crime. why now? rex this was a major push by senior u.s. just this department officials. the attorney general has had if a cold time with the public up fix it up being a major way or say executives from wall street to jail areas in the wake of the 2008 financial races. was, this is about tax evasion. that about soured mortgage bonds . what you have seen over the last six to eight months is a different posture in the department. they're going after banks for please. with libor.y used not going after low-level officials area they're going after the ba
we are talking about arthur andersen back in the enron days which basically imploded. the cultivate -- guilty plea, they will wait until after markets closed to file these charges. news conference you'll see the old thought about what regulators were running due to soften the landing for credit suisse. every week deal going on in the justice department right now. >> when to stand the ceo and chairman will not lose their jobs and this is the first time that the parent of any of a major...
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following arthur andersen when they indicted arthur anderson, that was done in the bush administration during the enron scandal because he was the accounting firm. they just got so much flack for that, they don't have the guts to put a bank out of business even if it did pretty reprehensible stuff. liz: thank you. the closing bell will ring. it is back to the future for google and the home delivery wars. i do love this video, it makes me laugh. we will show you how google will turn up the heat on amazon and ebay. interesting story. when you're sitting down with the richest people in the planet, you want to pay attention and ask the big questions. the revealinrevealing interviewn buffett and bill gates talked what everything from the latest technology trends to the future of the newspaper industry. >> i am from toronto, canada. i am a shareholder of berkshire hathaway. >> go, liz claman. >> i'm ceo of oriental trading companies, i am excited that they were the winners of the company with the largest number of people in the run. i ys say be thman with the plan but with less ergy, moodine
following arthur andersen when they indicted arthur anderson, that was done in the bush administration during the enron scandal because he was the accounting firm. they just got so much flack for that, they don't have the guts to put a bank out of business even if it did pretty reprehensible stuff. liz: thank you. the closing bell will ring. it is back to the future for google and the home delivery wars. i do love this video, it makes me laugh. we will show you how google will turn up the heat...
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andersen. in that case the justice department overreached by a considerable length and the result was one of the country's largest accounting firms and financial firms was destroyed 90,000 jobs lost. and that was under a republican administration, not a democratic one. this is not about politics, this is about appropriate prosecution and the importance of singling out individuals who make those decisions and carry out those unlawful acts, not some corporation. i want to applaud the attorney general for making it clear the administration will not tolera tolerate, if it ever did, too big to jail. we're coming right back. vice president biden quoting theodore roosevelt in his cinco de mayo pitch for amnesty. we will be joined by the manhattan institute to take up other roosevelt quotes and learn more about amnesty. thit's not the "limit yoursh hard earned cash back" card . it's not the "confused by rotating categories" card. it's the no-category-gaming, no-look-passing, clear-the-lane-i'm- going-u
andersen. in that case the justice department overreached by a considerable length and the result was one of the country's largest accounting firms and financial firms was destroyed 90,000 jobs lost. and that was under a republican administration, not a democratic one. this is not about politics, this is about appropriate prosecution and the importance of singling out individuals who make those decisions and carry out those unlawful acts, not some corporation. i want to applaud the attorney...
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May 11, 2014
05/14
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andersen moves accounting to the midwest with that midwestern people need to do accounting it loses the cultural cachet followed by a accounting scandals now we don't see them more talk about them so now that is the stock photo it is not a great image. [laughter] there are others that are just accountant since the dark suit but none of the great art none of the cultural awareness that seems to be a huge problem in fact, we feel uncomfortable talking. today at bloomberg they say they want to write about accounting it is not sexy it does not go on the front page. it is gloomy because moseley warning about fraud people don't want to hear it. we don't have that many accounting financial journalist that is created by accountants and the publication of the ledgers of balance sheets and what we see in the 18th century is the circulation and leaking of the account books of companies and states becomes news and later when the budget emerges you get financial journalism growing out of this state's accounting tradition. today we barely have any accounting journalists. that is scary with 800,00
andersen moves accounting to the midwest with that midwestern people need to do accounting it loses the cultural cachet followed by a accounting scandals now we don't see them more talk about them so now that is the stock photo it is not a great image. [laughter] there are others that are just accountant since the dark suit but none of the great art none of the cultural awareness that seems to be a huge problem in fact, we feel uncomfortable talking. today at bloomberg they say they want to...
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May 19, 2014
05/14
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andersen was accounted to the midwest and goes through this midwestern middle-class people leads to accounting. it loses much of its cultural clash it to that is followed by numerous accounting scandals and now accounts are out of view. we don't see them. we don't talk about them. the modern image of an accountant is kind of that. that's the sauce photo of an accountant. it's not a great image, okay, and, in fact, accounts, there are other pictures that are in the accounting school, accounts in dark suits looking very, very grim but there's none of this great art surrounding accounts but there's none of this cultural awareness. that seems to me to be a huge problem but we don't talk about accounts. in fact we feel uncountable talking about accounts. today "bloomberg news" say they want to write about accounting but it's not sexy but it doesn't go on the front page. and also gloomy because many cases it's warning about fraud. people don't want to hear it. we don't have that many accounting journalists. financial journalism is a park revived financial accounts and the publication of t
andersen was accounted to the midwest and goes through this midwestern middle-class people leads to accounting. it loses much of its cultural clash it to that is followed by numerous accounting scandals and now accounts are out of view. we don't see them. we don't talk about them. the modern image of an accountant is kind of that. that's the sauce photo of an accountant. it's not a great image, okay, and, in fact, accounts, there are other pictures that are in the accounting school, accounts in...
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May 20, 2014
05/14
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the door to call it a crisis or see what happened to arthur andersen were 85,000 people lost their jobs. they have been under a lot of pressure to show they are not just letting banks go off unscathed. it? >> fine line, isn't either way, it looks like brady dougan is staying. &a. ht, m an >> for more on what is going on with the british carrier, i will bring in our european business correspondent caroline hyde. the trends don't look right. -- don't look great. >> we're not seeing people spending, splashing out. wearingeeing people contracts, turnover. we haven't seen growth in service revenue for a year now for vodafone. it is the second biggest mobile carrier in the world. clearly, what is more worrying is next year, they're telling us and will continue to deteriorate. see, charges being taking in germany,pounds spain, portugal, czech republic, romania. all these countries are very dependent. they're trying to woo us all in, using faster internet. how they do that? by spending greg. $19 billion, project spring is what they're calling it. you have to build those cables and the broadband
the door to call it a crisis or see what happened to arthur andersen were 85,000 people lost their jobs. they have been under a lot of pressure to show they are not just letting banks go off unscathed. it? >> fine line, isn't either way, it looks like brady dougan is staying. &a. ht, m an >> for more on what is going on with the british carrier, i will bring in our european business correspondent caroline hyde. the trends don't look right. -- don't look great. >> we're not...
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May 9, 2014
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arthur andersen did not do that that of the job. 10,000 jobs were limited. >> i believe that the supreme court validated that. >> 10,000 people lost their jobs and they did nothing. bad, you have hsbc, truly actors. none of the bad actors for -- were indicted. >> island about the context. the financial system cannot withstand a criminal indictment. wouldn't this trip up the ece onomy? >> the government shied away from coming down on banks hard during the financial crisis. these are both foreign banks. the banks we have seen in trouble, including jp morgan, which has paid off fines, is us bank. these cases have nothing to do with the financial crisis. if people are still wanting to ion, these cases do not necessarily match up. >> and know you are in a difficult position. let mr. holland said is critical. is this a shakedown? >> we will have to see. we have to see what happens to these two banskks. see how they operate. >> people have described the approach on jp morgan as a shakedown. >> it does make sense. jpmorgan got in a lot of trouble for a lot of things. there were a lot of issues s
arthur andersen did not do that that of the job. 10,000 jobs were limited. >> i believe that the supreme court validated that. >> 10,000 people lost their jobs and they did nothing. bad, you have hsbc, truly actors. none of the bad actors for -- were indicted. >> island about the context. the financial system cannot withstand a criminal indictment. wouldn't this trip up the ece onomy? >> the government shied away from coming down on banks hard during the financial...
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May 19, 2014
05/14
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arthur andersen was nearly criminally indicted. drexel was criminally indicted and had to go out of business. if they can still stay in business and be criminally indicted, that would be a new one. >> right now within the schedule, craig moffett joins us on a different non--banking transaction. at&t and directv. money is cheap. something we predicted. how large will the pushback the from washington? >> the point you just made, that this was predicted 10 years ago i think is really the important one. that is the question of why now? this feels like a deal that 10 years ago might have made sense. today is a real head scratcher. is aven that directv doomed market, what does at&t get out of this purchase beyond steady cash flow? >> that is the right question. i think the answer is steady cash flow. about nineividend is point $5 billion. generating 11 billion and free cash flow. that does not leave much cushion to sustain the dividend. it has to be looking at buying a cash accretive business that can make the dividend more comfortable.
arthur andersen was nearly criminally indicted. drexel was criminally indicted and had to go out of business. if they can still stay in business and be criminally indicted, that would be a new one. >> right now within the schedule, craig moffett joins us on a different non--banking transaction. at&t and directv. money is cheap. something we predicted. how large will the pushback the from washington? >> the point you just made, that this was predicted 10 years ago i think is...
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andersen and i think this administration has has not taken the opportunity to pursue those kinds of. prosecutions what do you make of that eric holder is well known liberal certainly obama seems on the ledge you would think that this is an illustration would be much more progressive than the previous one in this area. yeah you you would you would think that. i do think what's happening and this isn't just pacific to this is ministration i think that this began happening actually even before he came into office but there is a revolving door of people in the regulatory structure whereas once upon a time you had career civil servants and career prosecutors who occupied the regulatory positions now you see a lot of people going back and forth between government and the corporate defense community and so you see a lot of corporate defense lawyers like eric holder and like lanny breuer the former head of the criminal division who both worked at the same white shoe corporate defense firm covington and burling. they are now coming into office at occupying these positions and they have more o
andersen and i think this administration has has not taken the opportunity to pursue those kinds of. prosecutions what do you make of that eric holder is well known liberal certainly obama seems on the ledge you would think that this is an illustration would be much more progressive than the previous one in this area. yeah you you would you would think that. i do think what's happening and this isn't just pacific to this is ministration i think that this began happening actually even before he...
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May 5, 2014
05/14
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arthur andersen were our auditors. they explained to me, you will see this 180 million or whatever it is move around different amounts. but don't worry. some day we will figure it out. >> did that concern you? >> sure, it concerned me. it had gone -- one of the companies had been on cash basis and one on trade basis. it never got worked out. we had a situation many, many years ago. we just ran up the bank account and started all over again. >> so you're not concerned. you think brian moynihan is doing a good job? >> he has done a good job. he has had a lot of problems to deal with. he has simplified the bank, brought down the balance sheet. he brought it back to the fundamentals. it is a wonderful franchise. it will do well over time. i said you have a long period ahead of you when you work through this. we have a lot more to talk about. coming up, waiting on quarterly results from pfizer. we'll break out the numbers as soon as they're released. berkshire hathaway's charlie munger and bill gates. both board members at
arthur andersen were our auditors. they explained to me, you will see this 180 million or whatever it is move around different amounts. but don't worry. some day we will figure it out. >> did that concern you? >> sure, it concerned me. it had gone -- one of the companies had been on cash basis and one on trade basis. it never got worked out. we had a situation many, many years ago. we just ran up the bank account and started all over again. >> so you're not concerned. you...